THECITYOF RANDVIEW TEAS  REGULAR TYPE. A ECONOMIC DEVELOPMENT CORPORATION MINUTES The Type A Economic Development Corporation Board met on Thursday, April 18, 1.ROLL CALL AND CALL TO ORDER BY BOARD PRESIDENT WOOD AT  APRIL 18,2024  2024, at 4:30 p.m. at City Hall.  4:32 P.M. John Wood Kay Harrison William Brown  BOARD MEMBERS PRESENT:  BOARD MEMBER ABSENT: Daphne Fletcher Mary Welch  ADMINISTRATION PRESENT: Katherine Reading, City Manager Shannon Pruitt, City Secretary  2. Invocation was led by Board President Wood.  3. Pledge of Allegiance to the U.S.A. Flag and Texas Pledge was led by Board  President Wood.  4. Public Comments: No comments were made.  5.ACTION ITEMS:  A. Consider approval of minutes from the Type A EDC Meeting held on  January 11, 2024, as presented.  Type A EDC Meeting Minutes, April 18, 2024    Board Member Harrison made a motion to approve the minutes from the Type  A EDC Meeting held on January 11, 2024, as presented. Board Member Brown seconded the motion.  Motion carried - all ayes.  B. Receive, discuss, and take action accepting the fiscal year 2023-2024 third quarter finance report. Presented by Katherine Reading, City Manager. Note: A difference on "Before Audit $578,304"and "After. Audit $540,994". There are multiple factors. We separated bank accounts for 4A, 4B and all state restricted funds. Thefund balances are true and accurate, reflecting Total Expenditures should be listed as $221,357.16 instead of $71,357.16. Ending Fund Balances (Receivables only) should be listed as $420,888.19  what we have in our accounts.  instead of8570,888.19.  Type A Active Incentive Agreements:  DMAC incentive package assets retained under performance agreement Los Campesinos $1,100 in rent for the building- Board members would Lelands (AFG) incentive $300,000 to be given in tranches of$100,000  like to see a copy ofthe agreement. in three separate phases. EDC 4A Projects for FY 23-24:  DMAC incentive agreement for the 6" water line to extend infrastructure AFG headquarters relocation incentive approved in November of2023 AFG Performance Agreement requires current and existing employee retention and a 25% phased increase of employees over 5 years. The agreement requires front facing facade to be at least 60% glass.  tot the facility and increase capacity for future growth. for a total of $300,000 to be given in three tranches.  This may need to be reduced.  Type A EDC Meeting Minutes, April 18, 2024    The agreement requires a 10-year commitment of! headquarter relocation.  DMAC/Aviation Advantage Avionics:  Relocation incentive Package which included land purchase and 4A cash. NOTAX ABATEMENTS were offered for this package and estimated proformas show the city will be immediately adding a $39,000 yearly tax base which helps diversify the base. Most importantly, this package will generate  jobs.  Calculations: Ad Valorem Revenue: 5-year $195,000; 10-year  $390,000; 15-year $585,000  Board Member Harrison made a motion to accept the fiscal year 2023-2024  third quarter finance report.  Board President Wood seconded the motion.  Motion carried - all ayes. 6. ADJOURN MEETING:  Board President Wood made a motion to adjourn the meeting at 5:12 p.m.  ÇITYOEORARDYEW President or Board Member F  ATTEST:  GRADOA  bamans Ru Shannon Pruitt, City Secretary  TEXAS  Type A EDC Meeting Minutes, April 18, 2024